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MasterCard to increase fees for UK purchases from EU

ft.com

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Re: MasterCard to increase fees for UK purchases from EU

#21

Post by mcintyre1994 »

bArray wrote: post #20
mcintyre1994 wrote: post #18

Earlier quoted context omitted.

Surely the UK can only regulate Mastercard's fees to businesses within the UK? I guess they could ban UK consumers from buying from stores outside the UK that use Mastercard, maybe? Other than threatening to do that, how can they regulate what Mastercard charge businesses outside the UK?

Last time I checked, 0.3% is much better than 0%. Also it's not as if there aren't alternative payment processors.

I agree, Mastercard would rather have 0.3% fees on UK purchases from EU businesses than have the UK government enact such a ban. I just don't think the UK government would do that though. It'd be really hard to police too, do users even know the internal payment processor used by a store? It's probably labelled for marketing/trust but I doubt there's that much notice paid to it.

Re: MasterCard to increase fees for UK purchases from EU

#22

Post by londons_explore »

klelatti wrote: post #14
petercooper wrote: post #5

The EU introduced a cap on such fees in 2015 after concerns they pushed prices up for consumers and unfairly burdened companies with hidden costs. While this price increase is 'opportunism' on MasterCard's part, I've seen people argue this isn't a consequence of Brexit, even though ultimately it is. British consumers are no longer protected by the rather "feisty" pro-consumer EU courts and are now at the mercy of the…

Just on the "how it's going" stories - and thanks for this - I wonder if there is scope for a co-ordinated effort to track the impact as there are a few people doing similar things. I'd certainly be happy to donate some time. I was shocked to hear that the UK government hasn't even got a department / individual with responsibility for monitoring and managing the EU trading relationship - not even the so called 'Depar…

They do have an individual... It's just such a politically hot topic whoever is in that seat keeps resigning...

Re: MasterCard to increase fees for UK purchases from EU

#23

Post by klelatti »

londons_explore wrote: post #22
klelatti wrote: post #14

Earlier quoted context omitted.

Just on the "how it's going" stories - and thanks for this - I wonder if there is scope for a co-ordinated effort to track the impact as there are a few people doing similar things. I'd certainly be happy to donate some time. I was shocked to hear that the UK government hasn't even got a department / individual with responsibility for monitoring and managing the EU trading relationship - not even the so called 'Depar…

They do have an individual... It's just such a politically hot topic whoever is in that seat keeps resigning...

Who is that now then?

Re: MasterCard to increase fees for UK purchases from EU

#24

Post by rambojazz »

throwaway2245 wrote: post #12
mminer237 wrote: post #7

In practice, I wonder how many companies will pass this 1.2% fee just onto their UK customers versus how many will just eat it (or I guess distribute it among all their customers). In America, our credit card fees are typically double what even the UK is paying now, but almost nowhere passes that just onto card users. It's not worth the hassle and potential outrage.

Several EU businesses have stopped selling to UK customers in the face of incomprehensible customs, duties, and delivery charges. Those EU businesses that continue to sell to the UK will presumably already be working out an uplift to UK customer prices anyway - being denominated in a different currency makes this easy enough to do (it's impossible to identify consumer surcharges if you just list the prices in a diffe…

And as a customer I've already stopped buying from the UK because of unclear or high customs.

Re: MasterCard to increase fees for UK purchases from EU

#25

Post by throwaway2245 »

rambojazz wrote: post #24
throwaway2245 wrote: post #12

Earlier quoted context omitted.

Several EU businesses have stopped selling to UK customers in the face of incomprehensible customs, duties, and delivery charges. Those EU businesses that continue to sell to the UK will presumably already be working out an uplift to UK customer prices anyway - being denominated in a different currency makes this easy enough to do (it's impossible to identify consumer surcharges if you just list the prices in a diffe…

And as a customer I've already stopped buying from the UK because of unclear or high customs.

As a British customer in the EU... same.
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